Bitcoin now shows yesterday’s movement to be on track exactly to Rogue* Wave expectation as the retrace movement has now bounced at the support level shown. 6450 is the 1/2 retracement point of the previous leg up, and as stochastic took a dive on the four-hour scale, BTC managed to keep the level at that point and show that 6400 still maintains support and 6450 is surely the pivot area. Now, what comes next will determine if the uptrend is here to stay.
Ethereum has been in a recent uptrend after posting fresh lows in June but is showing signs of weakness. Will the uptrend continue or have we already maxed out our bullish run.
And you thought you had a tough day. The Binance crew were embarrassed by what some are saying is either a ‘fat finger’ anomaly ora clever hack that disrupted the trading action, market caps, and reputations of several brands – Binance chief among them.
As per usual Binance acted quickly, communicated via social media, and tried to inject a bit of humor in doing so. We aren’t so sure it all adds up to a laughing matter.
Binance announced that they removed the existing API keys due to a “precautionary security measure”. This followed after a blog post by Binance stating that the exchange will halt trading, withdrawals, and other account functions for “system maintenance”.
It stated: “Due to irregular trading on some APIs, Binance will remove all existing API keys as a precautionary security measure. All API users are requested to recreate their API keys.”
Earlier today, Syscoin [SYS], a top 100 coin, saw a hike of close to 80% before dropping down. Further reports show that this was due to a single trade on Binance, where one Syscoin was bought for 96 Bitcoin [BTC] for a price of 6.23 million dollars.
The coin was trading at around 0.00004 BTC before beginning trading at 96 BTC. Syscoin’s co-founder, Sebastien DiMichele commented: “My understanding is that yes, Syscoin was sold for 96 BTC per unit at one point today. We saw massive bot activity, our community let us know that they were having trouble with deposits at Binance.”
The blockchain explorer of Syscoin shows that over 1 billion coins have been mined in one block. The block number 87670 shows that the “value out” parameter is of 1,237,899,268.6 Syscoins. This is unusual (to say the least) as the total number of possible SYS tokens is 888 million.
Jamesonn Lopp, a Bitcoin developer, said in a statement to Hard Fork that the mining of many coins falls under breaking monetary supply rules. He stated: “Breaking the monetary supply rules for a cryptocurrency can’t be accomplished via a 51% attack; this indicates that a flaw has been found and exploited at the protocol level. It’s likely similar to the buffer overflow vulnerability that was exploited in Bitcoin in 2010 that allowed someone to create 184 billion BTC.”
In other words, this is a mess that has yet to be solved, figured out, or properly accounted for as of this writing. Binance hasn’t given a meaningful explanation of how, or why, this could have occurred within their architecture – and Syscoin is still dealing with the after-effects of a hack on their ecosystem.
It leaves old school and new school crypto believers scratching their heads and theorizing about how this same method/execution can and will be used on other coins and other exchanges.
“Mine a lot of $SYS. Send $SYS to Binance. Set very high sells vs. $BTC. Hack Binance API. Use $BTC of Binance users that use API to buy $SYS. Take over $SYS mining power to prevent a rollback of the chain. Hope to get $BTC out of Binance.”
That is the type of theory that can be applied to not just $SYS, but any coin outside the Top 25 market cap coins. $SYS is a Top 100 market cap coin and their brand and team have a great reputation. Thus the questions concerning how and when this will happen again. Hackers, thieves, etc, tend to be copycats – especially when considering there are potentially millions of dollars available for said theft.
And then there is this:
User CRNBTC on Twitter noted that one of Binance’s hot wallets have become active again. He said: “7000BTC moved out of @binance hot wallet after the syscoin api pump. binance has not issued any withdrawals since.”
Couple with the news of a compromise on the coin’s blockchain, with Syscoin’s Twitter account stating: “We are investigating a possible issue on the Syscoin blockchain, nothing is confirmed but we have asked for exchanges to halt trading while we investigate.”
In other words – there seem to be breaches and issues everywhere: $SYS network/blockchain, Binance’s exchange/wallets, and several depths of security at both firms.
There will be more to unpack here, we are sure of it.
Bitcoin has finally made a short-term jump to create a solid foundation above the 6k level. After heading up and breaking 6k, the 6400 resistance level was broken to become support once again. The Rogue* Wave pattern, as discussed yesterday, was fully deployed as the first leg up creating the higher high with the bounce off of 6400, then gave the 1/2 retrace leg to create the higher low. The pivot area left the gap open for entry at 6325 (roughly) and allowed for a 300 point run as an exit strategy would have made for a solid trade.
Bitcoin in US (CST) overnight trading performs as expected with a breakout from standstill levels. After reaching new recent heights by breaking back above 6k and then 6400, BTC now solidifies that post at it holds 6400 as support along with the major support level at 6k. The pullback after the first run up was completely made whole as the first Rogue* Wave retracement point was also hit, just shy of about 20 points. The initial target was at 6240, while yesterday BTC managed to briefly take the 6260 mark. This is 1/3 retracement of the previous leg up, a confirmation of a higher low in conjunction with a wave completion. Additionally, the drawdown was held to a minimum during the last day’s selloff, which indicated that buying power has held strong and continues to drive BTC to seek out the next level of resistance at 6800.
Bitcoin continues to attempt to stay in the 6k mid-region as the weekend moves on. Currently trading at 6300, support now lies at 6k next with hard resistance at 6400. The recent breakdown over the last several hours, mainly US (CST) overnight trading has led price to remain stagnant for the most part. Now seeking a retracement point, the two options pointed out yesterday still remain for BTC to find a pivot base. 6240 and just below at about 6120 remain.
Roger Ver remains committed to shilling Bitcoin Cash. This is not news. What is news is his never-ending ability to say something remarkably stupid about Bitcoin and Bitcoin Cash. Never a dull moment with Roger and his carefully curated (read: purchased) media entities.
It is well publicized that Roger uses different media schemes to pass off Bitcoin Cash as Bitcoin and lure in unsuspecting noobs (although there are fewer and fewer of those as the bear market rages) into his tribe. Whether it is Bitcoin.com or the Bitcoin twitter account or even the Bitcoin Reddit space – Roger has purchased and uses them all to sell lies and propaganda.
And that continued earlier this week…
On 28th June, Roger tweeted:
“If you think BTC with its full block, high fee policy will be able to maintain market share, you are mistaken. It won’t, and it is time to move on to other things.
#BitcoinCash #Ethereum #Dash #Monero #Zcash #Zcoin #cryptocurrency.”
Along with the tweet, Ver posted an image that indicates the TPS of BTC:
Roger has been desperately trying to sell the ‘big block, high fee’ story for the last year, but nobody is listening. Well…unless you count fake meetups and photo ops in Asia, maybe they care a little bit.
And as we hear it Roger is willing to use intimidation to get his point across. Legal, financial, and even physical intimidation. Talking to two different sources who have been the target of Roger’s specific type of ‘brand management’ they confirmed these tactics:
“We challenged him several times in 2015 and 2016 with respect to a few of his well-publicized endorsements. He threatened legal action, sent cease and desist orders, and used back channels to make impromptu visits to our offices bearing strange messages and cryptic threats. I have a family and this type of stuff scared the shit out of me, so we just stopped any and all engagement with Roger. It wasn’t worth the potential consequences.”
Another source almost parroted the above comments:
“Roger is willing to go to scary lengths to silence his detractors, and he has the means to do so. I was visited at my home (I have a wife and two daughters) on a Friday night to deliver legal paperwork that scared my wife to death. And the visitors remained across the street in their car until the next morning. A sleepless night I will never forget – all over a Bitcoin Reddit argument. If you cross Roger in a way that he believes is unforgivable, you will hear from him.”
And that sort of sums up Roger Ver’s place in the crypto ecosystem. A remarkable idiot who uses the type of scare tactics, lies, smoke and mirrors, intimidation, and a media operation to build what, exactly? Bitcoin cash.
Is it really worth it all? We’ve written before about the genuine opportunity Roger had (not ‘has’, that time has since past) to be a founding father of Bitcoin and the crypto movement, but he chose to take the ‘dark path’.
Now, he is nothing more than a well-financed shill using parlor tricks and nuanced language to build an essential fork of Bitcoin.